that we don't have in the second half of the year. So that's the -- sort of the most significant item that influences the timing of the cash flow beyond what we see in just the normal run rate and earnings in our business.

that we don't have in the second half of the year so that's the sort of the most significant item that influences the timing of the cash flow beyond what we see in just the normal run rate and earnings in our business


Referring to Slide 2, I'd like to make our customary statements regarding Portland General Electric's written and oral disclosures. There will be statements in this call that are not based on historical fact, and as such, constitute forward-looking statements under current law.

referring to slide 2 i'd like to make our customary statements regarding portland general electrics written and oral disclosures there will be statements in this call that are not based on historical fact and as such constitute forward-looking statements under current law


better numbers. Whenever we seem to have higher activity on the cricket, the situation will not last. Also, we haven't seen really much action from you as compared to the other broadcasters in terms of

better numbers whenever we seem to have higher activity on the cricket the situation will not last also we haven't seen really much action from you as compared to the other broadcasters in terms of


And then my last question, back on the Industrial Environmental business, I was curious if you can talk about any trends that you're seeing in April and May, because some companies are talking about markets

and then my last question back on the industrial environment -- environmental business i was curious if you can talk about any trends that you're seeing in april and may because some companies are talking about markets


is to appreciate that when we work with our clients, we really strive to develop a partnership. So we are very sensitive to their needs, their desired outcomes, social

is to appreciate that when we work with our clients we really strive to develop a partnership so we are very sensitive to their needs their desired outcomes social


And then, turning to renovation activity. I know you highlighted in the disclosure about ramping up activity in Q2 and Q3. Can you give us a sense of the kind of numbers you're talking about and any particular brand focus there mid-year?

and then turning to renovation activity i know you highlighted in the disclosure about ramping up activity in q2 and q3 can you give us a sense of the kinds of numbers you're talking about and any particular brand focus there midyear


Over the past year, this work has enabled us to identify the strategic steps we needed to take to better and more profitably unlock opportunities that amplify our core value drivers.

over the past year this work has enabled us to identify the strategic steps we needed to take to better and more profitably unlock opportunities that amplify our core value drivers


I assure you that Starbucks' runway in China is wide and long, and I remain absolutely convinced that China will become Starbucks' largest and most strategic market in the world.

i assure you that starbucks' runway in china is wide and long and i remain absolutely convinced that china will become starbucks' largest and most strategic market in the world


compared to normal renegotiation, it's a much bigger structural change than we are used to. We also have the normal effect where we calibrate services and make changes of scope, et cetera, which always

compared to normal renegotiation it's a much bigger structural change than we are used to we also have the normal effect where we calibrate services and make changes of scope et cetera which always


With our energized team and positive consumer confidence, we are ready to build upon our strong start in fiscal 2019 as we continue to change people's lives by connecting them with their family and friends,

with our energized team and positive consumer confidence we are ready to build upon our strong start in fiscal 2019 as we continue to change people's lives by connecting them with their family and friends


we have 2 points. Several large orders have been received relating to the Swine segment in our business area AgHort and Swine production

we have 2 points several large orders have been received relating to the swine segment in our business area ag-hord and swine production


from Europe to multiple ports in Latin America. Our global team was able to utilize the consolidation of freight to consider alternative freight configuration combined with competitive bidding to reduce shipping network costs.

from europe to multiple ports in latin america our global team was able to utilize the consolidation of freight to consider alternative freight configuration combined with competitive bidding to reduce shipping network costs


we're carrying a bit less price into 2016. We do have a price action in the market today that we've talked about previously on a prior earnings call. I think we feel pretty good about our ability to realize price in the early part of this year.

we're carrying a bit less price into 2016 we do have a price action in the market today that we've talked about previously on a prior earnings call i think we feel pretty good about our ability to realize price in the early part of this year


manufacture our products and serve customer needs, given the timing of the attack, we experienced meaningful disruption in our ability to ship and invoice during the last 4 days of the quarter.

manufacture our products and serve customer needs given the timing of the attack we experienced meaningful disruption in our ability to ship and invoice during the last 4 days of the quarter


While seeing a continuation of our transitional status into 2016 is disappointing, we are working as best as we can to get this work done, and in the meantime to better anticipate and respond to the challenges we see externally.

while seeing a continuation of our transitional status into 2016 is disappointing we are working as best we can to get this work done and in the meantime to better anticipate and respond to the challenges we see externally


it's a successful formula if we can go just take cost out of our products. And if I have to give a chunk of it, even half of it, to the customer to grow the top line and the bottom line, I'll go do that. So

it's a successful formula if we can go just take cost out of our products and if i have to give a chunk of it even half of it to the customer to grow the top line and the bottom line i'll go do that so


Yes, Tom. It's Mark. I've been saying, I guess, over a couple of calls now, that we anticipate that at some point, we would no longer be designated as a SIFI and that there are several ways to get there.

yes tom it's mark i've been saying i guess over a couple of calls now that we anticipate that at some point we would no longer be designated as a sifi and that there are several ways to get there


Both deals were natural adjacencies that leverage our current call points and we are starting to see the benefits as is reported in our first quarter performance that Patrick will go over in just a few minutes.

both deals were natural adjacencies that leverage our current points and we are starting to see the benefits as reported in our first quarter performance that patrick will go over in just a few minutes


Please note that during our call today, we will refer to these non-GAAP results as adjusted sales and volume. I will now turn the call over to Jim Snee. Thank you, Nathan. Good morning, everyone.

please note that during our call today we will refer to these non-gaap results as adjusted sales and volume i will now turn the call over to jim sneed thank you nathan good morning everyone


long-term debt capacity of the commercial real estate portfolio, because that's what we are focused on and that's what we're growing right now. So I think that the metrics may be more conventionally oriented than what you are inferring.

long-term debt capacity of the commercial real estate portfolio because that's what we are focused on and that's what we're growing right now so i think that the metrics may be more conventionally oriented than what you're inferring


it shows the second half as having the price larger than the material costs. With Power, that's really going to take until the fourth quarter for that traction to catch up, Rich. So

it shows the second half as having the price larger than the material costs with power that's really going to take until the fourth quarter for that traction to catch up with it so


Promised retail sales to consumers simply are not there. Self-consumption is not driven by genuine demand for the product, but it's the easiest and most convenient way for a distributor to get some benefit from the product. So basically, people are eating the product because they can't sell it.

promised retail sales to consumers simply are not there self-consumption is not driven by genuine demand for the product but it's the easiest and most convenient way for a distributor to get some benefit from the product but basically people are eating the product because they can't sell it


The second half of 2016 will continue to be about execution across the pipeline. We look forward to presenting data on glemba at ESMO and additional programs likely at Citi and ASH.

the second half of 2016 will continue to be about execution across the pipeline we look forward to presenting data on glemba at esmo and additional programs likely at sitcie and ash


We're looking at some alternatives of what we might do with those, either with the contractor or with some third parties. That is not included in our capital budget estimates for the rest of the year though, to your point. Okay.

we're looking at some alternatives on what we might do with those either with the contractor or with some third parties that is not included in our capital budget estimates for the rest of the year though to your point okay


from our original number of 30. We also fully expect to diversify our service base there to include information technology outsourcing with our newly hired IT subject matter experts.

from our original number of 30 we also fully expect to diversify our service base there to include information technology outsourcing with our newly hired it subject matter experts


the expected transition of the Catamaran business at the end of 2015 and into 2016, of which the primary services provided were formulary management

the expected transition of the catamaran business at the end of 2015 and into 2016 of which the primary services provided were formulary management


In a recent IRENA report, they stated that turning to renewables for new power generation is not simply an environmentally-conscious decision, it is now overwhelmingly, a smart economic one.

in a recent irena report they stated that turning to renewables for new power generation is not simply an environmentally conscious decision it is now overwhelmingly a smart economic one


The Trex brand is closely associated with the exact attributes it represents, namely highly designed outdoor-living products that retain their luster with minimal maintenance,

the trex brand is closely associated with the exact attributes it represents namely highly designed outdoor living products that retain their luster with minimal maintenance


My travels have taken me to each of our primary office and manufacturing locations around the world and have given me an opportunity to meet and speak with our diverse and talented employees. I've had the opportunity to engage with our customers,

my travels have taken me to each of our primary office and manufacturing locations around the world and have given me an opportunity to meet and speak with our diverse and talented employees i've had the opportunity to engage with our customers


in EMS, and now, you're at 41% this quarter. So I'm trying to get a feel for what to expect going forward. Do you see this level sustainable? Or was there anything in it that might have caused it to be a little bit higher than what it normally should be?

in ems and now you're at 41% this quarter so i'm trying to get a feel for what to expect going forward do you see this level sustainable or was there anything in it that might have caused it to be a little bit higher than what it normally should be


My personal feeling is the expansion has not -- has nowhere near been as robust as previous expansions. And so the length of the anemic nature of our growth,

my personal feeling is the expansion has not -- has nowhere near been as robust as previous expansions and so the length of it with the anemic nature of our growth


Cautionary language is also included on Slide 1 of our earnings release presentation, which we will use to go through our discussion today. That presentation is available on our website, and I encourage you to open it, if you haven't already.

cautionary language is also included on slide 1 of our earnings release presentation which we will use to go through our discussion today that presentation is available on our website and i encourage you to open it if you haven't already


to use energy more wisely and to be aware of the services that are out there for them to use energy more efficiently. All of that's going to be done within, if you would, a microcosm of the Ithaca area.

to use energy more wisely and to be aware of the services that are out there for them to use energy more efficiently all of that's going to be done within if you would a microcosm of the ithaca area


lower tax rate, and you lose the interest deduction and then the capital expenditures fully deducted, we'd still be at 8% to 10% growth. Now do we have a backlog? Yes, we probably have. I think we saw in the presentation

lower tax rate and you lose the interest deduction and then the capital expenditure is fully deducted we'd still be at 8% to 10% growth now do we have a backlog yes we probably have -- i think we saw in the presentation


that are causing prices to be lower? So I guess, just how are you thinking about hedging and managing your portfolio against the fact that if -- the more of these you get done, the more Generation stays around?

that are causing prices to be lower so i guess just how are you thinking about hedging and managing your portfolio against the fact that if -- the more of these you get done the more generation stays around


are really fantastic and unique. So it's just a very attractive position now and longer term. Finally, we'd underscore that the recent improvement is really driven by private demand.

are really fantastic and unique so it's just a very attractive position now and longer term finally we'd underscore that the recent improvement is really driven by private demand


important ones. And then the last piece of what we've been working on -- I don't know if we chatted too much about it. But we're also looking at really, what I would call, I guess, integrated planning across the company.

most important ones and then the last piece of what we've been working on i don't know if we chatted too much about it but we're also looking at really in what i would call i guess integrated planning across the company


We attribute the first quarter operating margin decline largely to timing, and believe the margin will improve sequentially in the second quarter. We will provide further details on the operating margin shortly.

we attribute the first quarter operating margin decline largely to timing and believe the margin will improve sequentially in the second quarter we will provide further details on the operating margin shortly


We believe that we have established a sophisticated and disciplined integration process, leveraging dedicated staff and improving upon and learning from prior acquisitions, especially WIL.

we believe that we have established a sophisticated and disciplined integration process leveraging dedicated staff and improving upon and learning from prior acquisitions especially will


we put a lot of bow wave expenses to improve and expand our ground network. And as Alan has said over and over again, we anticipate those are going to have substantial long-term

we put a lot of bow wave expenses to improve and expand our ground network and as alan has said over and over again we anticipate those are going to have substantial long-term


On the customer growth side, we have less than 70% gas penetration across our territories. That means there are more than 1 million households that are still burning oil or another fuel, creating opportunity for further investments.

on the customer growth side we have less than 70% gas penetration across our territories that means there are more than 1 million households that are still burning oil or another fuel creating an opportunity for further investment


would be a sensible thing to do if you believe that electric cars are going to be a significant part of the transport solution going forward, and in terms of meeting some of the emission targets, clearly, electrification of transport is going to be a key component.

would be a sensible thing to do if you believe that electric cars are going to be a significant part of the transport solution going forward and in terms of meeting some of the emission targets clearly electrification of transport is going to be a key component


customer group or people that don't currently shop there. Just wonder if you can expand upon that and whether your One Company strategy is, in some way, hopeful in that -- finding that group of customers.

customer group or people who don't currently shop there just wondering if you could expand upon that and whether your one company strategy is in some way helpful in that finding that group of customers


Moving on to operational excellence. We began 2018 utilizing third-party consultants to assist in the assessment of our operations and the identification of targeted improvement activities.

moving on to operational excellence we began 2018 utilizing third-party consultants to assist in the assessment of our operations and the identification of targeted improvement activities


We continue to believe we're well positioned to make any necessary investments to support our long-term organic growth strategy and return any excess cash to shareholders via our quarterly dividend.

we continue to believe we are well positioned to make any necessary investments to support our long-term organic growth strategy and return any excess cash to shareholders via our quarterly dividend


expected future events and financial results that are forward-looking in nature and subject to risks and uncertainties. The company cautions that actual performance will be affected by a number of factors, many of which are beyond the company's control,

expected future events and financial results that are forward-looking in nature and subject to risks and uncertainties the company cautions that actual performance will be affected by a number of factors many of which are beyond the company's control


So on the external front we're looking at similarly both. The goal on the external front is to find things where we have scientific insights that provide an ability to do, to assess opportunities on the outside and in a way that other people cannot.

so on the external front we're looking at -- similarly both the goal on the external front is to find things where we have scientific insights that provide an ability to assess opportunities on the outside in a way that other people cannot


Key clients in the region included Toll Holdings, Qantas and Rio Tinto. So given our progress and continuing growth in digital services and in our recurring revenue businesses,

key clients in the region included toll holdings qantas and rio tinto so given our progress and continuing growth in digital services and in our recurring revenue businesses


a couple of the slides that were in the materials from last night. In there, you see 2 groups of wells. One group is our increased completion design. So in that group of wells, we actually had more pounds per foot and more pounds per cluster

a couple of the slides that were in the materials from last night in there you see 2 groups of wells one group is our increased completion design so in that group of wells we actually had more pounds per foot and more pounds per cluster


As we continue to grow assets and enter new businesses, our compliance framework allows us to maintain strong regulatory compliance and efficiency, by streamlining our monitoring and reviewing processes in order to analyze and filter more data faster.

as we continue to grow assets and enter new businesses our compliance framework allows us to maintain strong regulatory compliance and efficiency by streamlining our monitoring and reviewing processes in order to analyze and filter more data faster


these niche market kind of products. So that will start up later, the latter part of this year. And we see a lot of interest in that when we go through these i6 initiatives. So although -- while it is kind of skewed to flexibles and rigid

these niche market kind of products so that will start up later the latter part of this year and we see a lot of interest in that when we go through these isix initiatives so although while it is kind of skewed to flexibles and rigid


maybe I'm having a hard time imagining it. But is it the kind of thing where you'd have to set it up for peak periods, staff it and then break it down when it gets quieter? Or do you not need that second line and that's not really part of the plan for the first phase of digital?

maybe i'm making a hard time imagining it but is it the kind of thing where you'd have to set it up for peak periods staff it and then break it down when it gets quieter or do you not need that second line that's not really part of the plan for the first phase of digital


Yes, this is Mackie again. You bet. One thing we'll say is that what we're not going to do is just to add volume or to do deals, or to announce deals, is do something that doesn't make sense.

yes this is mackie again you bet one thing we'll say is that what we're not going to do is just to add volume or to do deals or to announce deals is do something that doesn't make sense


Broad industry views, I think that there is a fair amount of economic data that is of interest as of late. We've seen for the first time in this economic recovery

some broad industry views i think that there is a fair amount of economic data that is of interest as of late we've seen for the first time in this economic recovery


We continue to buy back our shares on dips. We're not a company -- I've watched a lot of companies buy back their stock at the highs. And then when it gets to the lows, they have no money left to buy back their shares. We're the exact opposite.

we continue to buy back our shares on dips we're not a company i've watched a lot of companies buy back their stock at the highs and then when it gets to the lows they have no money left to buy back their shares we're the exact opposite


not just the transportation bill. So we want water, power and transportation, which is what was discussed that was going to be included in the infrastructure bill. So certainly, it falls right in line with our plan.

not just the transportation bill so we want water power and transportation which is what was discussed that was going to be included in the infrastructure bill so certainly it falls right in line with our plan


it's all good noise to talk about, rates and tax cut, but the fundamentals of the business are what drives housing and there is just a scarcity of supply and more demand.

it's all good noise to talk about rates and tax cuts but the fundamentals of the business are what drives housing and there is just a scarcity of supply and more demand


Nevertheless, the economic institutes are starting to incorporate several burdening factors into their models. Growing tensions in global trade don't need any further explanations.

nevertheless the economic institutes are starting to incorporate several burdening factors into their models the growing tensions in global trade don't need any further explanations


There may be some short-term fluctuations, especially this year in the beverage market in China. There has been no summer to speak of.

there may be some short-term fluctuations especially this year in the beverage market in china there has been no summer to speak of


it's not easy for us to engage in close-range combat because we have our very separate different paths. As for cost concerns,

it's not easy for us to engage in close-range combat because we have our very separate different paths as for cost concerns


I think it important to understand, because we've always talked about our growth rate in relation to the efficacy of what we do, and what that means is that the most important stakeholder in Park City Group are our customers.

i think important to understand because we've always talked about our growth rate in relation to the efficacy of what we do and what that means is that the most important stakeholder in park city group are our customers


Okay. And what kind of gives you guys the confidence, I guess, that those pay down levels will subside somewhat and that kind of front door, as you said Rob, production level would be able to increase in the coming quarters?

okay and what kind of gives you guys the confidence i guess that those pay-down levels will subside somewhat and that kind of front door as you said rob production level will be able to increase in the coming quarters


However, in order to preserve France's overall budget balance, the French government announced its intention to implement an exceptional tax for large companies.

however in order to preserve france's overall budget balance the french government announced its intention to implement an exceptional tax for large companies


because I don't have all that data and I'm working off recall here. But nonetheless, March was the best month in 16 months. If you look at the daily trends, the macros in March, and compare that to April,

because i don't have all that data and i'm working off recall here but nonetheless march was the best month in 16 months if you look at the daily trends the macros in march and compare that to april


Our initial catchment and focus group research identified 3 key demographic groups that were heavily represented in the catchment and whom our masterplan approach needed to actively and effectively target.

our initial catchment and focus group research identified 3 key demographic groups that were heavily represented in the catchment and whom our master plan approach needed to actively and effectively target


for the year and the reason that we had upgraded unit volume demand for '16 for Continental Europe is influenced by Southern Europe. So at least through the balance of this year, we expect it

for the year and the reason that we had upgraded unit volume demand for '16' for continental europe is influenced by southern europe so at least through the balance of this year we expect it to continue


students, faculty and administration, the combination provides access to the widest selection of affordable course materials in all formats.

students faculty and administration the combination provides access to the widest selection of affordable course materials in all formats


I will refer you to the company's SEC filings for more detailed discussions of the risks and other factors that could cause actual results to differ from those expressed or implied in any forward-looking statements made today.

i will refer you to the company's sec filings for more detailed discussions of the risks and other factors that could cause actual results to differ from those expressed or implied in any forward-looking statements made today


I don't know that we were impacted by anything that was abnormal. I mean, when you get into the heat of the summer selling season, everybody gets a little more competitive. And I'm sure there were certain markets,

i don't know that we were impacted by anything that was abnormal i mean when you get into the heat of the summer selling season everybody gets a little more competitive and i'm sure there were certain markets


but at a substantially lower rate than would have previously applied to actual repatriation. So net, it provides a much more efficient framework in which to repatriate our international cash.

but at a substantially lower rate than would have previously applied to actual repatriation so net it provides a much more efficient framework in which to repatriate our international cash


who increasingly appreciate our network of resorts and a compelling value proposition our season pass products offer for their ski vacation, while also benefiting from our improved ability to segment our guests and personalize our messages to them.

who increasingly appreciate our network of resorts and the compelling value proposition our season pass products offer for their ski vacations while also benefiting from our improved ability to segment our guests and personalize our messages to them


And these are the first steps among many others that I can't talk about now, because we have no time, that we are making from really moving from a payer to a partner.

and these are the first steps among many others that i can't talk about now because we have no time that we are making from really moving from a payer to a partner


on the top line, in line with the indicative top line guidance we gave. We don't normally give a guidance for the half year, but we gave you some heads-up that the first half will be somewhat slower,

on the top line in line with the indicative top line guidance we gave we don't normally give a guideline -- guidance for the half year but we gave you some heads up that the first half will be somewhat lower


Thank you, Ivan. I'm now going to look in a bit more detail at what is, as Ivan said, a good set of results, with better top line performance, margin expansion and increased cash flow.

thank you ivan i'm now going to look in a bit more detail at what is as ivan said a good set of results with better top line performance margin expansion and increased cash flow


And we intend to make it even stronger. So let me now cover the 3 areas where we will dial up focus to drive further improvement in fiscal '17. Starting with scotch.

and we intend to make it even stronger so let me now cover the 3 areas where we will dial up focus to drive further improvement in fiscal '17 starting with scotch


To make it easier for investors to understand our customer accounts receivable and associated credit performance, we are now presenting certain credit measures, primarily those in Note 2 of our 10-K, on a carrying value basis.

to make it easier for investors to understand our customer accounts receivable and associated credit performance we are now presenting certain credit measures primarily those in note 2 of our 10-k on a carrying value basis


Utilizing the same capabilities I mentioned related to worker's compensation, we can leverage both our underwriting and customer experience initiatives to expand our product offerings.

utilizing the same capabilities i mentioned related to workers' compensation we can leverage both our underwriting and customer experience initiatives to expand our product offerings


who are normalizing their mine plans, who are -- which means their strip ratios are going up. They are probably getting a bit more volume out, but the ratio of waste to volume is going up again.

who are normalizing their mine plans who are which means their strip ratios are going up they are probably getting a bit more volume out but the ratio of waste to volume is going up again


So that is because clearly the mix of traffic and a number of other factors will affect that figure. The existing regulation allows us to translate

so there is -- because clearly the mix of traffic and a number of other factors will affect that figure the existing regulation allows us to translate


However, it should be noted that certain initial engineering and procurement activities have already started on both projects on the back of a limited authorization to proceed by the client.

however it should be noted that certain initial engineering and procurement activities have already started on both projects on the back of a limited authorization to proceed by the client


not any different than it's been in the past because there -- most of that is exports going into Mexico and a little bit into Chile and Peru, but nothing different. Particularly to comment on your

not any different than it's been in the past because there -- most of that is exports going into mexico and a little bit into chile and peru but nothing different particularly to comment on your


In areas where they have a market in fiber for the last 2 years, our penetration rate is nearly 50%. That's quite a bit higher than in our nonfiber markets and leaves us a lot of room to run over the next couple of years.

in areas where they have a marketed fiber for the last 2 years our penetration rate is nearly 50% that's quite a bit higher than in our non-fiber markets and leaves us a lot of room to run over the next couple of years


However, we have confidence in our ability to implement innovative commercial strategies, designed to address and offset these challenges and to continue to grow our business.

however we have confidence in our ability to implement innovative commercial strategies designed to address and offset these challenges and to continue to grow our business


Our continued strong free cash flow allowed us to maintain liquidity at a very healthy level, our first priority for capital allocation in addition to funding our organic growth initiatives and other capital allocation priorities,

our continued strong free cash flow allowed us to maintain liquidity at a very healthy level our first priority for capital allocation in addition to funding our organic growth initiatives and other capital allocation priorities


As you are aware, we don't provide specific revenue or earnings guidance and anything said on this call, which reflects our outlook for the future or which could be construed as a forward-looking statement, must be reviewed in conjunction with the risks that the company faces.

as you are aware we don't provide specific revenue or earnings guidance and anything said on this call which reflects our outlook for the future or which could be construed as a forward-looking statement must be reviewed in conjunction with the risks that the company faces


Log availability was adequate early in the quarter but decreased in February and March due to strong storms, which brought several feet of snow and heavy winds to many parts of the Pacific Northwest.

log availability was adequate in early in the quarter but decreased in february and march due to strong storms which brought several feet of snow and heavy winds to many parts of the pacific northwest


In terms of overall wood demand, my view is it's much better for us to the extent that the builders can make more houses, even if they're a little bit smaller. On aggregate, that's better for wood demand.

in terms of overall wood demand my view is it's much better for us to the extent that the builders can make more houses even if they're a little bit smaller on aggregate that's better for wood demand


Full disclosure, this is not Invitae intellectual property. There are other technology-centered companies out there executing this approach, Amazon being one of them. And I suspect many more, given the logical consistency the framework could bring to just about any industry.

full disclosure this is not in vita intellectual property there are other technology-centered companies out there executing this approach amazon being one of them and i suspect many more given the logical consistency the framework could bring to just about any industry


is the relentless pursuit of doing what is best for our customers. We are not growing for growth sake. But because our business model, the curation -- the creation of a new network information management industry relies fundamentally on scale.

is the relentless pursuit of doing what is best for our customers we are not growing for growth's sake but because our business model the creation of a new network information management industry relies fundamentally on scale


demand for and reimbursement of our services and our investment in our infrastructure and operations, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act.

demand for and reimbursement of our services and our investment in our infrastructure and operations constitute forward-looking statements within the meaning of the safe harbor provisions of the private securities litigation reform act


and the guidance raise for the full year, which we'll walk you through a bit later. Bottom line today is, we continue to feel good about the overall markets and our ability to deliver on our commitments.

and the guidance raised for the full year which we'll walk you through a bit later bottom line today is we continue to feel good about the overall markets and our ability to deliver on our commitments


Interest rates in the economy have already started adjusting to the Central Bank's actions, which in turn should support economic activity. The transmission of monetary policy to commercial credit rates has occurred almost entirely.

interest rates in the economy have already started adjusting to the central bank's actions which in turn should support economic activity the transmission of monetary policy to commercial credit rates has occurred almost entirely


During the second quarter -- that's on Slide 6, we have put forward many different marketing initiatives, such as special weekly flyers, where many door-crasher prices were announced.

during the second quarter that's on slide 6 we have put forward many different marketing initiatives such as special weekly flyers where many door crasher prices were announced


results of operations, business initiatives, growth plans, operational investments and prospects of the company and are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements.

results of operations business initiatives growth plans operational investments and prospects of the company and are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements


confirm in every respect our long-held allegation that Herbalife operates as a pyramid scheme, that the only way that people make money is through qualifying purchases and recruiting others to do the same.

confirm in every respect our long-held allegation that herbalife operates as a pyramid scheme that the only way that people make money is through qualifying purchases and recruiting others to do the same


As well, some of the financial metrics presented on this call today are non-IFRS measures, and as such, do not have a standardized meaning and are unlikely to be comparable to similar measures by other companies.

as well some of the financial metrics presented on this call today are non-ifrs measures and as such do not have a standardized meaning and are unlikely to be comparable to similar measures by other companies


We have become a reliable compounder of growth, using our brand portfolio and geographic footprint, coupled with our agility, to deliver consistent top line performance.

we have become a reliable compounder of growth using our brand portfolio and geographic footprint coupled with our agility to deliver consistent top line performance


that. They're -- But doing very well because they're tied into our transmission and distribution work that we're doing here in the states. And they're doing quite a bit of work in Europe on their own.

but they're doing very well because they're tied into our transmission and distribution work that we're doing here in the states and they're doing quite a bit of work in europe on their own


some level of comfort that you're going to get some of these issues resolved, but I know you said you're looking forward, but help us with the framework on having implemented these processes and procedures at other companies.

some level of comfort that you're going to get some of these issues resolved but -- i know you said you're looking forward but help us put the framework on having implemented these processes and procedures in other companies


owns more wind capacity than any other U.S. regulated utility and by the time its Wind 11 project is build out in 2020, it will generate enough wind power to cover 90% of its load.

owns more wind capacity than any other u s regulated utility and by the time its wind 11 project is built out in 2020 it will generate enough wind power to cover 90% of its load


the Northern California market who might be interested in skiing. And so we took -- we've given people the opportunity, that's one of the reasons why we were able to drive the business at the end the way we did. And then ultimately, obviously, we'll still create

the northern california market who might be interested in skiing and so we feel like we've given people the opportunity and it's one of the reasons why we were able to drive the business at the end the way we did and then ultimately obviously we'll still create


Rick, if you want to give some commentary on what we think going forward. But that's what we've done to that business to improve it, to bring it off the bottom and to get it in the operating range that we've talked about publicly.

rick if you want to give some commentary on what we think going forward but that's what we've done to that business to improve it to bring it off the bottom and to get it in the operating range that we've talked about publicly


and that we pushed so hard in order to build this engine. Now we're at a moment in time where we're really getting to refine and to put a real plan in place, to put a play in place that we can -- everybody knows what it is. We can call it. We can run it. We can do it on a consistent basis,

and that we pushed so hard in order to build this engine and now we're at a moment in time where we're really getting to refine and to put a real plan in place to put a play in place that we can -- everybody knows what it is we can call it we can run it we can do it on a consistent basis


The chart on the top right shows our generation volumes for the third quarter. As expected, volumes in the West continue to track below 2015, primarily due to the suspended operations of our Sutter and South Point plants.

the chart in the top right shows our generation volumes for the third quarter as expected volumes in the west continued to track below 2015 primarily due to the suspended operations of our sutter and southpoint plants


I think they've been looking at a lot of things since they first came out with the California forward capacity market kind of concept 8 or 9 years ago. At what point do you just kind of -- for the merchant plants,

i think they've been looking at a lot of things since they first came out with the california forward capacity market kind of concept 8 or 9 years ago at what point do you just kind of for the merchant plants


It was a large purchase, shall we say. And I think now we've gotten ourselves to the point where we now have sufficient retail liquidity to do what we think we need to do in order to monetize our megawatt hours. Could we make some

it was a large purchase shall we say and i think now we've gotten ourselves to the point where we now have sufficient retail liquidity to do what we think we need to do in order to monetize our megawatt hours could we make some


and they're ones that we will be on top of as we go forward. And we're going to share with you what exactly those plans look like and what the cadence is of getting these businesses right where they need to be when we do our Investor Day in April.

and they're ones that we will be on top of as we go forward and we're going to share with you what exactly those plans look like and what the cadence is of getting these businesses right where they need to be when we do our investor day in april


I'll add one thing, if I may. We do have enough flexibility in our capacity, Mike, to supply Takreer when it comes up and to supply the business that we're acquiring now.

i'll add one thing if i may we do have enough flexibility in our capacity mike to supply to kerr when it comes up and to supply the business that we're acquiring now


Today's presentations also include references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentations for definitional information and reconciliations of non-GAAP financial measures

today's presentations also include references to non-gaap financial measures you should refer to the information contained in the slides accompanying today's presentations for definitional information and reconciliations of non-gaap financial measures


programs constitute probably what are some of the more complex components in our history. And the teams have just done an outstanding job in terms of overcoming some of the challenges.

our programs constitute probably what are some of the more complex components in our history and the teams have just done an outstanding job in terms of overcoming some of the challenges


of the 5 we signed -- one of them is with the public company but 4 of them were private equity backed company. And so inherently the timing is a little bit uncertain because what those companies tend to do is to appraise their acreage and then they may explore a sale.

of the 5 we signed one of them is with a public company but 4 of them are with private equity-backed companies and so inherently the timing is a little bit uncertain because what those companies tend to do is to appraise their acreage and then they may explore a sale


As I said earlier in the call, we fell short of expectations with regard to loan growth. Originations in the Commercial banking group were lower than we anticipated for the quarter as we work to build the team to the levels we believe we need to drive expected growth.

as i said earlier in the call we fell short of expectations with regard to loan growth originations in the commercial banking group were lower than we anticipated for the quarter as we work to build the team to the levels we believe we need to drive expected growth


we will continue to look at every contract and every sale on a short-term basis until we have better visibility on the impacts to our collection markets and the basin blended oil markets.


So we watch that project by project and work hard to make sure that we get the return that we originally expected. And if not, we go back and understand why and work that project if appropriate

so we watch that project by project and work hard to make sure that we get the return that we originally expected and if not we go back and understand why and work that project if appropriate


the replacement of the mechanical home button, the use of haptics within their phone's applications and the opening of their API to allow the development of new applications utilizing haptic effects.

the replacement of the mechanical home button the use of haptics within their phones applications and the opening of their api to allow the development of new applications utilizing haptic effects


describe this as an ecosystem with the public carriers. I think in the past, it's often been determined that when the public carriers start spending that there is going to be a overall lift, which is true.

describe this as an ecosystem with the public carriers i think in the past it's often been determined that when the public carriers start spending that there's going to be an overall lift which is true


We see nice expansion opportunities in the events business. And perhaps most meaningfully, as other competitive ad-supported media continue to experience meaningful erosion of their audiences and disruption to their business models,

we see nice expansion opportunities in the events business and perhaps most meaningfully as other competitive ad-supported media continue to experience meaningful erosion of their audiences and disruption of their business models


we have obviously taking a bit more of a hit in volume than our competitors. And we've been clear about that because for 10 years, we've been a huge beneficiary of having the largest share of imports in China while China was growing,

we have obviously taken a bit more of a hit in volume than our competitors and we've been clear about that because for 10 years we've been a huge beneficiary of having the largest share of imports in china while china was growing


I think, Brian, we've talked about this multiple times and hopefully the Orlaco acquisition is an example of the sort of acquisitions that we would do, ones that

no i think bryan we've talked about this multiple times and hopefully the orlaco acquisition is an example of the sort of acquisitions that we would do ones that


and financial briefing charts on our website, or to the extent not addressed there, but discussed in this call, will be available as an appendix to the transcript and will be posted under the Investors heading on our website.

and financial briefing charts on our website or to the extent not addressed there but discussed on this call will be available as an appendix to the transcript and will be posted under the investors heading on our website


compared to last year, which negatively impacted comparable store sales in that month. However, the softness we experienced around the holiday period was temporary and we are encouraged by the stronger top line trends we saw

compared to last year which negatively impacted comparable store sales in that month however the softness we experienced around the holiday period was temporary and we are encouraged by the stronger top line trends we saw


Third, to focus on the monetization of mobile traffic and subscription revenue. We look forward to updating you on our progress in the near future.

third to focus on the monetization of mobile traffic and subscription revenue we look forward to updating you on our progress in the near future


We want to be very clear, we do not agree with many of the short-seller report's assertions, some of which are demonstrably false, nor do we agree with many opinions expressed in the short-seller report.

we want to be very clear we do not agree with many of the short seller report's assertions some of which are demonstrably false nor do we agree with many opinions expressed in the short seller report


that the second trial is actually at a higher dose than the first trial. So while we always have to be cautious and you always have to think about and do -- really understand what happened when you're dosing patients with a drug,

that the second trial is actually at a higher dose than the first trial so while we always have to be cautious and you always have to think about and do really understand what happened when you're dosing patients with a drug


I would like to start today's call by providing highlights from AquaVenture's second quarter results and commenting on a number of recent developments. Then Tony will give a brief overview of our Seven Seas Water and Quench segment accomplishments.

i would like to start today's call by providing highlights from aquaventure's second quarter results and commenting on a number of recent developments then tony will give a brief overview of our seven seas water and quench segment accomplishments


So our ability to generate real attractive returns on equity and our lending business, we hope and anticipate that will continue in the future as well as continue to make strategic acquisitions within the business services footprint.

so our ability to generate real attractive returns on equity in our lending business we hope and anticipate that will continue in the future as well as continue to make strategic acquisitions within the business services footprint


Certain non-GAAP measures will be discussed on this call. We have provided a description of those measures as well as a discussion of why we believe this information to be useful in our Form 8-K furnished to the SEC this morning.

certain non-gaap measures will be discussed on this call we have provided a description of those measures as well as a discussion of why we believe this information to be useful in our form 10-k furnished to the sec this morning


we can achieve the greatest impact for them and drive profitable growth for the firm. This is our biggest initiative as an enterprise and is the major focus of the regional consultant conferences we are hosting in the second quarter.

we can achieve the greatest impact for them and drive profitable growth for the firm this is our biggest initiative as an enterprise and is the major focus of the regional consultant conferences we are hosting in the second quarter


In our international segment, the second quarter revenue numbers are somewhat distorted by the decision we made at the end of 2017 to increase the amount of third-party capital participation, primarily related to the reinsurance lines of business.

in our international segment the second quarter revenue numbers are somewhat distorted by the decision we made at the end of 2017 to increase the amount of third-party capital participation primarily related to the reinsurance lines of business


providing a differentiated student onboarding and orientation process, facilitating completion of the financial aid process and continuing to provide support to students as they work towards graduating in their field of study.

providing a differentiated student onboarding and orientation process facilitating completion of the financial aid process and continuing to provide support students as they work towards graduating in their field of study


home stretch. And we're actually gearing up our commercial readiness to be able to launch this in a competitive market with a great profile drug. So we look forward to continuing to keep you updated, and have a great day.

home stretch and we're actually gearing up our commercial readiness to be able to launch this in a competitive market with a great profile drug so we look forward to continuing to keep you updated and have a great day


we brought in really talented people that have done this before. Our new technology leader did a full legacy mainframe conversion to cloud at his prior business

we brought in really talented people that have done this before our new technology leader did a full legacy mainframe conversion to cloud at his prior business


So as we've discussed in the past, delivering all of this organization holistically to clients who and need advice and solutions is clearly a driver of earnings currently and going forward.

so as we've discussed in the past delivering all of this organization holistically to clients who want and need advice and solutions is clearly a driver of earnings currently and going forward


For the fourth quarter, we expect bookings will taper off as most of our customers' 2017 budgets are exhausted. The opportunity to secure Tier 2 pressure pumping equipment has passed and commodity price outlook remains uncertain.

for the fourth quarter we expect bookings will taper off as most of our customers 2017 budgets are exhausted the opportunity to secure tier 2 pressure pumping equipment has passed and commodity price outlook remains uncertain


Now in most of these larger projects, we've already handed them the keys in a lot of respects, where they were -- they are now operating and required to maintain sections of the roads and the environments that are already open.

now in most of these larger projects we've already handed them the keys in a lot of respects where they were -- they are now operating and required to maintain sections of the roads and the environments that are already open


In addition, with a significant real estate in our portfolio, we have alternative capital sources from which to pull to continue our prudent growth strategy in 2016 without accessing the equity markets.

in addition with significant real estate in our portfolio we have alternative capital sources from which to pull to continue our prudent growth strategy in 2016 without accessing the equity markets


While we are proud of these results, they do trail our original expectations for the first half of the year, driven by the aforementioned declines in Inderal LA average selling price.

while we are proud of these results they do trail our original expectations for the first half of the year driven by the aforementioned declines in inderal la average selling price


And so -- but I don't think that's a product of private equity or public. I think that is a product of the fact that we had we've been over-levered and that has created an environment where

and so -- but i don't think that's a product of private equity or public i think that is a product of the fact that we have had our -- we've been overlevered and that has created an environment where


But I think -- we think that was a short-term phenomenon probably related to the uncertainty around Brexit. But I think a general theme would be that we need to work more on working with our clients

but i think we think that was a short-term phenomenon probably related to the uncertainty around brexit but i think a general theme would be that we need to work more on working with our clients


The sustainability and pace of the recovery will, however, be heavily dependent on the magnitude and timing of federal recovery and private insurance funds flowing into the island.

the sustainability and pace of the recovery will however be heavily dependent on the magnitude and timing of federal recovery and private insurance funds flowing into the island


These investments achieve more attractive after-tax yields without adding credit risk or materially changing the characteristics of the investment portfolio. The overall duration of the bond portfolio is still under 3 years.

these investments achieve more attractive after-tax yields without adding credit risk or materially changing the characteristics of the investment portfolio the overall duration of the bond portfolio is still under 3 years


that helps us secure pricing arrangements in whatever -- with whatever partner we're talking to that continue to deliver value for members and ultimately, for our shareholders. Tor, on breakage?

that helps us secure pricing arrangements in whatever -- with whatever partner we're talking to that continue to deliver value for members and ultimately for our shareholders tour on breakage


And as a result of the rest of the portfolio, the debt portion and corporate debt, performing, the equity will be less important, and we've remodeled that

and as a result of the rest of the portfolio the debt portion and corporate debt performing the equity will be less important and we've remodeled that


The rationale for the company sending the notice is simply that the supply agreement is a vital part of the overall deal and an essential prerequisite for the other 2 components to be realized.

the rationale for the company sending the notice is simply that the supply agreement is a vital part of the overall deal and an essential prerequisite for the other 2 components to be realized


Unfortunately, for financial reporting purposes, we must translate the total principal amount of the debt outstanding, whereas on the other side only 1 quarter's rent is translated at the current exchange rates.

unfortunately for financial reporting purposes we must translate the total principal amount of the debt outstanding whereas on the other side only 1 quarter's rent is translated at the current exchange rates


FLY Leasing, which we will refer to as FLY or the company, issued its second quarter earnings results press release, which is posted on the company's website at flyleasing.com.

fly leasing which we will refer to as fly or the company issued its second quarter earnings results press release which is posted on the company's website at flyleasing com


You'll hear from Penni and Michael later in the call. Let me start by reviewing our first quarter results. And afterwards, I'll provide some thoughts on the current investing environment and a brief update on the American Capital transaction.

you'll hear from penny and michael later in the call let me start by reviewing our first quarter results and afterwards i'll provide some thoughts on the current investing environment and a brief update on the american capital transaction


is that there are a number of agents who hope the ruling goes, and these are agents who are part of on the market who hope the ruling is such that the one other portal rule is declared

is that there are a number of agents who hope the ruling goes -- and these are agents who are part of on the market who hope the ruling is such that the one other portal rule is declared


I know at Peyto, we don't really like to be on the bleeding edge of technology, but certainly as soon as some of these technologies are proven, we're generally one of the best at putting it into practice and then perfecting it.

i know at petro we don't really like to be on the bleeding edge of technology but certainly as soon as some of these technologies are proven we're generally one of the best at putting it into practice and then perfecting it


As usual, we're focused here on the full year, but it's worth reflecting a little on the reasons why underlying sales growth and volume growth in particular was stronger in the first half of the year and weaker in our second half.

as usual we're focused here on the full year but it's worth reflecting a little on the reasons why underlying sales growth and volume growth in particular was stronger in the first half of the year and weaker in our second half


Our strategy based on differentiation for quality and premium services is bearing fruits as the premium mix is improving by 3 points year-on-year.

our strategy based on differentiation through quality and premium services is bearing fruits as the premium mix is improving by 3 points year-on-year


As I just indicated on the product side, this has resulted in lower inventory levels and better profitability. And I believe the same approach in our expense structure will have a similar and permanent impact.

as i just indicated on the product side this has resulted in lower inventory levels and better profitability and i believe the same approach in our expense structure will have a similar and permanent impact


that people need to understand how the numbers add up. Now certain analysts were -- have numbers in their guidance for 4Q that are well above ours, and I never really understand how they -- how people get so far off our guidance. But

that people need to understand how the numbers add up now certain analysts were -- have numbers in their guidance for 4q that are well above ours and i never really understand how they -- how people get so far off our guidance but


We also continue to actively manage our balance sheet, where opportunities exist, to decrease our cost of capital, strengthen our financial flexibility and to delever on attractive terms.

we also continue to actively manage our balance sheet where opportunities exist to decrease our cost of capital strengthen our financial flexibility and to delever on attractive terms


to do that. So normally, pricing is reasonable and adjust around it. And that's what we're seeing. We're still seeing that all be pretty reasonable out there. We've had a couple of requests to do some things that were off market,

to do that so normally pricing is reasonable and adjusts around it and that's what we're seeing we're still seeing that all be pretty reasonable out there we've had a couple of requests to do some things that were off market


So we won't decelerate our value proposition as doers, but we will add a solution strategy as a market differentiator and revenue driver for certain offerings.

so we won't decelerate our value proposition as doers but we will add a solution strategy as a market differentiator and revenue driver for certain offerings


Performance was uneven week to week and from market to market. We continue to see mixed signals with regard to the strength of lodging demand and overall witnessed tepid demand growth in the quarter.

performance was uneven week-to-week and from market to market we continued to see mixed signals with regard to the strength of lodging demand and overall witnessed tepid demand growth in the quarter


in the industry and the impact that it had on the way that the crack spreads behaved, if you exclude that, you saw actually a very strong West Coast market, where

in the industry and the impact that it had on the way that the crack spreads behaved if you exclude that you saw actually a very strong west coast market where


they have the maximum benefit for their customers here. So it is, I'll be quite honest, frustratingly slow. But the good news is that a number of the sales leads we're getting

they have the maximum benefit for their customers here so it is -- i'll be quite honest frustratingly slow but the good news is that a number of the sales leads we're getting


since we acquired the products in the fourth quarter of 2016. And we are encouraged by our physician customer reaction and the base we have for expansion into the reconstruction market.

since we acquired the products in the fourth quarter of 2016 and we are encouraged by our physician customer reaction and the base we have for expansion into the reconstruction market


as we've expanded and grown the business, it gets that much more difficult to spend appropriate amount of time overseeing the myriad

it -- as we've expanded and grown the business it gets that much more difficult to spend appropriate amount of time overseeing the myriad


difficulties on the railroads contributed to the strength of lumber, at least the sense of scarcity. And I'm wondering this year, with lumber being weak, is that partly a function of improved efficiency on the rail network?

difficulties on the railroads contribute to the strength of lumber at least a sense of scarcity and i'm wondering this year with lumber being weak is that partly a function of improved efficiency on the rail network


hitting the ground much faster than we had anticipated. But I'll let John give you some more color on it. Yes. Some of the production cost reductions come from closing some of our offset presses.

hitting the ground much faster than we had anticipated but i'll let john give you some more color on it some of the production cost reductions come from closing some of our offset presses


so that we can be ready to go on January 1. And the biggest single thing is that we don't want to tell people that something is possible and then have them billed for it and have all those bills rejected. That's what we're trying to avoid.

so that we can be ready to go on january 1 and the biggest single thing is that we don't want to tell people that something is possible and then have them bill for it and have all those bills rejected that's what we're trying to avoid


is the same between our NexSys Pure and our NexSys iON, so let's just start after the batteries. And that would be light assembly type business that's very similar to what Alpha does. It's taking

is the same between our nexus pure and our nexus ion so let's just start after the batteries and that would be light assembly type businesses that's very similar to what alpha does it's taking


When taking into account our properties closed and under contract, partially offset by dispositions, we believe this positions us well to achieve our range of net acquisitions for the year.

when taking into account our properties closed and under contract partially offset by dispositions we believe this positions us well to achieve our range of net acquisitions for the year


We have a strong innovation agenda aimed at recruiting consumers into spirits aligned with the 3 global pillars of recruit, re-recruit and disrupt.

we have a strong innovation agenda aimed at recruiting consumers into spirits aligned with the 3 global pillars of recruit re-recruit and disrupt


This demonstrates that our composition, strength and culture provide the said responsiveness to changes, and that this ability is actually the most prominent characteristic of Mitsubishi Corporation.

this demonstrates that our composition strengths and culture provide the said responsiveness to changes and that this ability is actually the most prominent characteristic of mitsubishi corporation


So within the prime sector, film grew faster, which is not unusual than what you saw on both prime paper as well as variable information labels.

so within the prime sector film grew faster which is not unusual than what you saw on both prime paper as well as variable information labels


But what we've been able to do in the past and been very successful is find ways where we can be more impactful with a minimal amount of expanded spending on the branding.

but what we've been able to do in the past and been very successful is find ways where we can be more impactful with a minimal amount of expanded spending on the branding


And we're only halfway through the year. Our development pipelines for both segments remain robust, and we anticipate announcing additional growth projects throughout the second half of the year.

and we're only halfway through the year our development pipelines for both segments remain robust and we anticipate announcing additional growth projects throughout the second half of the year


Now I'd like to turn the call back to over to Todd. Thanks, John. As I -- as we indicated in the release this morning, our portfolio optimization plan is on track with the strategic objectives we communicated in May.

now i'd like to turn the call back over to todd thanks john as i -- as we indicated in the release this morning our portfolio optimization plan is on track with the strategic objectives we communicated in may


While Alent's practice was to exclude metal sales, thereby reporting higher margins, we do not plan to do so. But we will explain the impact of metal prices on our performance.

while elance practice was to exclude metal sales thereby reporting higher margins we do not plan to do so but we will explain the impact of metal prices on our performance


With our operations team unlocking the significant value on our acreage, we're looking to add to our asset base through organic drilling and leasing as well as through strategic acquisitions.

with our operations team unlocking the significant value on our acreage we are looking to add to our asset base through organic drilling and leasing as well as through strategic acquisitions


an audit system that takes a holistic and active approach in training security dealers and end-user school officials on how to significantly reduce or prevent a mass incident.

an audit system takes a holistic and active approach in training security dealers at end-user school officials on how to significantly reduce or prevent a mass incident


the offset wells with the field brine that effectively gives us a hydrostatic fluid column to push back against the offset wells that are being fracked. That mitigation does tend to help.

the offset wells with a field brine that effectively gives us a hydrostatic fluid column to push back against the offset wells that are being fracked that mitigation does tend to help


I think we identified that very effectively many years ago, as we started moving into Sketch-to-Scale and started redefining the industry and the era that we're in at the Age of Intelligence.

i think we identified that very effectively many years ago as we started moving into scale and started redefining the industry in the era that we ran at the age of intelligence


desktop security and IoT. We believe the EMM market remained solid. We continue to deliver features that differentiate us from our competitor, and we have plenty of room to grow in the category.

desktop security and iot we believe the emm market remains solid we continue to deliver features that differentiate us from our competitors and we have plenty of room to grow in the category


And so it's returned to growth and it's continuing to strengthen across all markets. I would also add to that, that in a lot of places, that's before the big funding flows through. If you look at South Carolina or Tennessee or California,

and so it's return to growth and it's continuing to strengthen across our markets i would also add to that that in a lot of places that's before the big funding flows through if you look at south carolina or tennessee or california


and it's going to be more or less normal in terms of the basket increase and the price increases that we have. What we are cognizant of since we have a number of banners that are

and it's going to be more or less normal in terms of the basket increase and the price increases that we have what we are cognizant of since we have a number of banners that are


As Murray mentioned, we are taking a more aggressive approach to capturing share in the carrier market. These customers generally require higher dollar inventory investments and cause higher receivables to be held on our balance sheet for a longer period.

as murray mentioned we are taking a more aggressive approach to capturing share in the carrier market these customers generally require higher dollar inventory investments and cause higher receivables to be held on our balance sheet for a longer period


a mix of GDP growth and ultimately a mix of interest rates going up, where people will not want to sit on the sideline and give up opportunities to generate revenues.

a mix of gdp growth and ultimately a mix of interest rates going up where people will not want to sit on the sideline and give up opportunities to generate revenues


Of note, we continue to work with Syncrude and Imperial on a plan to sustainably improve reliability, reduce costs and drive synergies between our operations.

of note we continue to work with sincrude and imperial on a plan to sustainably improve reliability reduce costs and drive synergies between our operations


with 14 of those quarters being positive. Silvercrest's growth has been achieved, while we have maintained or increased our adjusted EBITDA margins, even as we've invested in the business on behalf of our clients and for future growth.

with 14 of those quarters being positive silvercrest growth has been achieved while we have maintained or increased our adjusted ebitda margins even as we've invested in the business on behalf of our clients and for future growth


And as Hans said, while the circumstances are unfortunate, I would like to reiterate my deep commitment and resolve to leading the team and to building our business together with our borrowers, investors, partners and employees.

and as hans said while the circumstances are unfortunate i would like to reiterate my deep commitment and resolve to leading the team and to building our business together with our borrowers investors partners and employees


we can keep those customers for a number of years. And that's really powerful for us to be able to get the customer, number one, and then retain the customer, and we've been able to do that. We saw this before

we can keep those customers for a number of years and that's really powerful for us to be able to get the customer number one and then retain the customer and we've been able to do that we saw this before


Going to Slide 3. During this call, we will be referring to a slide presentation, which can be found on our website's Investor Center main page. Relevant slides will be identified by number throughout our presentation.

going to slide 3 during this call we will be referring to a slide presentation which can be found on our website's investor center main page relevant slides will be identified by number throughout our presentation


We expect this will help Idaho Power keep energy rates low and will help its efforts to meet the challenge of integrating an existing large volume of third-party solar and wind energy on our system.

we expect this will help idaho power keep energy rates low and we will -- and will help its efforts to meet the challenge of integrating an existing large volume of third-party solar and wind energy on our system


In terms of 2018 outlook in Europe, we expect increased market activity during the year related to fuel cell electric buses, which we expect will result in the growth of purchase orders for modules.

in terms of 2018 outlook in europe we expect increased market activity during the year related to fuel cell electric buses which we expect will result in the growth of purchase orders for modules


Based on emerging science and on expert investigator feedback and with the aim of having the most comprehensive and controlled trial ever attempted in C3G, we

based on emerging science and on expert investigator feedback and with the aim of having the most comprehensive and controlled trial ever attempted in c3g


As a reminder, any statement we make this afternoon about future results and performance or plans and objectives are forward looking. Actual results may vary as a result of factors, risks and uncertainties over which we have no control.

as a reminder any statement we make this afternoon about future results and performance or plans and objectives are forward-looking actual results may vary as a result of factors risks and uncertainties over which we have no control


Whether the orders cover 4 months, we do not have a clear picture of demand and supply currently. So we are not able to report on anything binding yet.

whether the orders cover 4 months we do not have a clear picture of demand and supply currently so we are not able to report on anything binding yet


for national consultation is scheduled by ACM, yes, somewhere in the first quarter of this year. We argue -- we will argue in that consultation for a level playing field

for national consultation is scheduled by acm yes somewhere in the first quarter of this year we argue -- we will argue in that consultation for a level playing field


Bit of extra capital. Our success rate is actually higher than we thought. So we're spending more money hooking up wells, but those are easy decisions to make. And then, we have some production optimization of facilities projects that we needed a bit of extra capital for.

bit of extra capital our success rate is actually higher than we thought so we're spending more money hooking up wells but those are easy decisions to make and then we have some production optimization and facilities projects that we needed a bit of extra capital for


in most of those markets is very strong. I'd say the biggest issue we're facing is the fact that our market share is so high in countries like Germany that it's hard to grow market share so we have to continue to find ways to grow

in most of those markets is very strong i'd say the biggest issue we're facing is the fact that our market share is so high in countries like germany that it's hard to grow market share so we have to continue to find ways to grow


result or is it likely to become a positive trend that is going to stay with us for longer? And another question about molybdenum sales.

result or is it likely to become a positive trend that is going to stay with us for longer and another question about molybdenum sales


Looking forward, we expect to be challenged with lower revenues in the next quarter because of lower volumes and project completions. These revenue swings have been an inherent challenge in our CS business, which we are trying to address strategically.

looking forward we expect to be challenged with lower revenues in the next quarter because of lower volumes and project completions these revenue swings have been an inherent challenge in our cs business which we are trying to address strategically


This will include SaaS-based platforms that we'll provide to clients on a subscription basis. Having now successfully built a marketing and lead generation engine in Ottawa, which is proving itself with our MediaMiser products,

this will include saas-based platforms that we will provide to clients on a subscription basis having now successfully built a marketing and lead generation engine in ottawa which is proving itself with our mediamiser products


This was primarily due to the significant impact of reduced revenue in network products. Next, at the top of the next page, Slide 11, is Ubiquitous Solutions.

this was primarily due to the significant impact of reduced revenue in network products next at the top of the next page slide 11 is ubiquitous solutions


And I think the other part that we continue to be very thoughtful about particularly in certain portions of our portfolio like commercial real estate, is that we are

and then i think the other part that we continue to be very thoughtful about particularly in certain portions of our portfolio like commercial real estate is that we -- our


the best management team in the business, an investment grade balance sheet and a product portfolio that's extremely well positioned to take advantage of the unprecedented change in these industry opportunities that are just amazing

the best management team in the business an investment-grade balance sheet and a product portfolio that is extremely well positioned to take advantage of the unprecedented change in these industry opportunities that are just amazing


in addition to weather, is there anything that drove that in the first quarter? I think I heard something about vandalism. Are people not trashing their homes when they default on their mortgages as much? Or -- I'm just wondering if there's some sort of secular shift

in addition to weather is there anything that drove that in the first quarter i think i heard something about vandalism are people not trashing their homes when they default on their mortgages as much or i'm just wondering if there's some sort of secular shift


When you have a full buffet though, like when we are doing a very large group, when you're doing a graduation party, something along those lines, we do think that human touch of being able to be there, set it up, talk to the

when you have a full buffet though like when we're doing a very large group when you're doing a graduation party something along those lines we do think the human touch of being able to be there set it up talk to the


In Europe, we've initiated additional formal clinical and quality scientific advice proceedings with the EMA and initiated the process to discuss the potential for a conditional registration pathway for the EU. We have

in europe we've initiated additional formal clinical and quality scientific advice proceedings with the ema and initiated the process to discuss the potential for conditional registration pathway for the eu


In this context, we have also identified Somar as non-core, and will be conducting due diligence on divesting Somar in order to focus on regulated markets in developed countries.

in this context we have also identified solmar as noncore and will be conducting due diligence on divesting solmar in order to focus on regulated markets in developed countries


so we feel good about where we are. There's been -- it's been relatively slow for the last few years but it does feel like it's getting a little bit better out there from an activity level.

so we feel good about where we are there's been -- it's been relatively slow for the last few years but it does feel like it's getting a little bit better out there from an activity level


And finally, our success thus far this year has enabled us to once again raise our guidance for the full year. We look forward to the solid execution of our strategic plan during the second half of the year.

and finally our success thus far this year has enabled us to once again raise our guidance for the full year we look forward to the solid execution of our strategic plan during the second half of the year


the summer show is a bit earlier in the cycle. So we underestimated the shorter selling cycle between shows affecting us. I think we took longer than usual for our retention and, in fact, our retention is running slightly ahead

the summer show is a bit earlier in the cycle so we underestimated the shorter selling cycle between shows affecting us i think we took longer than usual for our retention in fact our retention is running slightly ahead


to reinvest a portion of our revenue from Galafold back into the Fabry disease community specifically to Fabry research and development until there is a cure for this disease.

to reinvest a portion of our revenue from galafold back into the fabry disease community specifically to fabry research and development until there is a cure for this disease


your concerns about doing something, but it does not change the fact that you're having that conversation and trying to figure out what you can and should do given all the -- given everything that's going on.

your concerns about doing something but it does not change the fact that you're having that conversation and trying to figure out what you can and should do given all the -- given everything that's going on


your clean room push in regards to, I don't know if you can talk about who you're talking to or what the plan is there. I'm assuming clean room

your clean room push in regards to i don't know if you can talk about who you're talking to or what the plan is there i'm assuming clean room


Through the combination of these activities, we expect to improve Marlin's operating efficiency ratio in the coming years to approximately 45%. And finally, our third objective is to use capital more productively.

through the combination of these activities we expect to improve marlin's operating efficiency ratio in the coming years to approximately 45% and finally our third objective is to use capital more productively


We are committed to maximizing the value across our acreage, and we believe spending the extra time on data gathering and analysis upfront will benefit us tremendously in the long-running development of the property.

we are committed to maximizing the value across our acreage and we believe spending the extra time on data gathering and analysis upfront will benefit us tremendously in the long run development of the property


In response to our clients' requests for us to do more with their data, we invested in Contract Compliance, Spend Analytics and supplier compliance and performance management service offerings,

in response to our clients' request for us to do more with their data we invested in contract compliance spend analytics and supplier compliance and performance management service offerings


I wouldn't expect it to keep at that run rate necessarily, nor would I expect it to be a large loss going forward. We make a little bit of money in the China JV and at least right now

i wouldn't expect it to keep at that run rate necessarily nor would i expect it to be a large loss going forward we make a little bit of money in the china jv and at least right now


We initiated our Phase II trial in the fourth quarter. While we remain in the early stages of this trial, we have been emboldened by its progress and by the patient data that has been generated thus far.

we initiated our phase ii trial in the fourth quarter while we remain in the early stages of this trial we have been emboldened by its progress and by the patient data that has been generated thus far


Our capital management included payment of a special dividend and resumption of quarterly dividends in the first quarter of 2016. This resulted in a decrease in retained earnings, which caused our book value per share to decrease

our capital management included payment of a special dividend and resumption of quarterly dividends in the first quarter of 2016 this resulted in a decrease in retained earnings which caused our book value per share to decrease


Finally, in Q3, we did experience higher-than-expected levels of sales transfer from existing stores to new stores due primarily to the acceleration of new store openings in the first half of the year.

finally in q3 we did experience higher than expected levels of sales transfer from existing stores to new stores due primarily to the acceleration of new store openings in the first half of the year


they are the types of companies we like, they are actually for sale and that is in a part of Coor where we have the integration capacity, then we're quite happy to continue to do acquisitions.

they are the types of companies we like they are actually for sale and that is in a part of core where we have the integration capacity then we're quite happy to continue to do acquisitions


Thanks, David. Good morning, everyone, and thank you for joining us today. We generated solid EPS and strong free cash flow and experienced another quarter of strong new business signings in the third quarter.

thanks david good morning everyone and thank you for joining us today we generated solid eps and strong free cash flow and experienced another quarter of strong new business signings in the third quarter


And so that allows to fill out some of our portfolio to meet some of that unmet demand as well. So I think we're feeling pretty good about our whole network around the world. The only thing I would add is when Jack mentioned

and so that allows us to fill out some of our portfolio to meet some of that unmet demand as well so i think we're feeling pretty good about our whole network around the world the only thing i would add is when jack mentioned


Okay. And then just on your pricing commentary and I guess the mix commentary, because I think some of the people who are more concerned about long-term structural pricing in hospitals look at this mix

okay and then just on your pricing commentary and i guess the mix commentary because i think some of the people who are more concerned about long-term structural pricing in hospitals look at this mix


I guess I was trying to ask a different question. As we just take our own views and use your forecast and we calculate the difference, barrels times price, is there anything you think we should be avail -- cognizant of when we do that calculation?

i guess i was trying to ask a different question as we just take our own views and use your forecast and we calculate the difference barrels times price is there anything you think we should be available -- cognizant of when we do that calculation


Subject to unexpected changes in the commodity price outlook, we plan to discontinue the premium DRIP beginning with the July 2017 dividend payment such that there would be no further equity issuance under this program.

subject to unexpected changes in the commodity price outlook we plan to discontinue the premium drip beginning with the july 2017 dividend payment such that there would be no further equity issuance under this program


British Columbia now represents our largest exposure by province, and I want to be sure to note we are working hard to actively support clients affected by the wildfires, including through payment relief.

british columbia now represents our largest exposure by province and i want to be sure to note we are working hard to actively support clients affected by the wildfires including through payment relief


We've reduced the balance of this portfolio substantially in the past year, and it now represents less than 1% of our total loans. We do not expect material credit impacts related to our remaining energy loans going forward.

we've reduced the balance of this portfolio substantially in the past year and it now represents less than 1% of our total loans we do not expect material credit impacts related to our remaining energy loans going forward


Our third quarter is historically a lighter quarter for sales and profits due to the seasonality of our business in sports and due to the decline of outdoor construction work in the winter months in the Northern Hemisphere.

our third quarter is historically a lighter quarter for sales and profit due to the seasonality of our business in sports and due to the decline of outdoor construction work in the winter months in the northern hemisphere


We are pleased with the progress we are making in these recurring revenue streams. While a return to a more normalized transactions market will strengthen our results, unbalanced, we will target investments that can drive a shift

we are pleased with the progress we are making in these recurring revenue streams while a return to a more normalized transactions market will strengthen our results on balance we will target investments that can drive a shift


There's much more to do here, but the team is hard at work, and the progress we've made in our other strategic priorities gives us the opportunity to expand our customer experience efforts throughout the balance of 2016. Coming out of the first quarter,

there's much more to do here but the team is hard at work and the progress we've made in our other strategic priorities gives us the opportunity to expand our customer experience efforts throughout the balance of 2016 coming out of the first quarter


So last year was a bigger year than you would expect. This year I would call a more normal year, maybe a slightly light year, but I would call it a normal year for us both in terms of mix of business as well as the size of the book that's out there.

so last year was a bigger year than you would expect this year i would call a more normal year maybe even a slightly light year but i would call it a normal year for us both in terms of mix of business as well as the size of the book that's out there


But we are now well beyond the stages of having a facility and having a workforce and putting railcars out the door that meet customer expectations.

but we are now well beyond the stages of having a facility and having a workforce and putting railcars out the door that meet customer expectations


We also granted Par a nonexclusive patent license to launch its generic sodium oxybate product as of December 31, 2025. These entry dates could be accelerated under certain circumstances.

we also granted par a non-exclusive patent license to launch its generic sodium oxybate product as of december 31 2025 these entry dates could be accelerated under certain circumstances


momentum that we have coming into the fourth quarter seems to be really solid. So overall, I don't think the guidance is really off that far where we have been all year long. We've been right on the top end of the range. So

momentum that we have coming into the fourth quarter seems to be really solid so overall i don't think the guidance is really off that far where we have been all year long we've been right on the top end of the range so


Had the wind contributed during the peak at a capacity factor similar to last year or even closer in line with average historical performance, market conditions this summer would likely have been much more interesting.

had the wind contributed during the peak at a capacity factor similar to last year or even closer in line with average historical performance market conditions this summer would likely have been much more interesting


capacity addition to the industry of anywhere between 30,000 units to as high, some estimates, claiming 50,000. I think that the number will be

capacity addition to the industry of anywhere between 30 000 units to as high some estimates claiming 50 000 i think that the number will be


The reported results include a number of significant items, which we don't consider indicative of operational and financial trends. I will be excluding these items when discussing our performance.

the reported results include a number of significant items which we don't consider indicative of operational and financial trends i will be excluding these items when discussing our performance


Now that the election's almost behind us, we see local and national advertisers seemingly sitting on the sidelines a bit more and a bit longer-than-usual this late into an election quarter.

now that the election is almost behind us we see local and national advertisers seemingly sitting on the sidelines a bit more and a bit longer than usual this late into an election quarter


On the next slide, Slide 4. Like to highlight once again some details of our recent well results. I already mentioned the Kudu pad is coming online pretty much as expected and in line with the type curve.

on the next slide slide 4 i'd like to highlight once again some details of our recent well results i already mentioned the kudu pad is coming online pretty much as expected and in line with the type curve


on our rates at our major locations. I think Harry's point is a lot of our storage, we would call it operational storage and our customers are refineries. So they're not using it to store

on our honor rates at our major locations i think harry's point is a lot of our storage we would call it operational storage and our customers are refineries so they're not using it to store


This occurred against the backdrop of production forecasts turning out to be quite optimistic. Thus, shortfalls have needed to be met from the domestic market, and we saw gas moving in a northerly direction for export.

this occurred against the backdrop of production forecast turning out to be quite optimistic thus shortfalls have needed to be met from the domestic market and we saw gas moving in a northerly direction for export


As we progress through 2018, we will continue to identify and evaluate areas for continued efficiency gains in our operations and improve our cost structure.

as we progress through 2018 we will continue to identify and evaluate areas for continued efficiency gains in our operations and improve our cost structure


We all know that you guys and everybody else has said that international drilling activity had kind of bottomed mid-last year, but we were warned that pricing pressure continued. Has the pricing pressure abated any?

we all know that you guys and everybody else have said that international drilling activity had kind of bottomed mid last year but we were warned that pricing pressure continued has the pricing pressure abated any